Oil patch merger, by any other name, is TransCanada
Article Abstract:
TransCanada Pipelines Ltd. is expected to retain its corporate name once its C$15.6-billion merger with Nova Corp. is completed. The move will permit management to gain more time to consider other possible names once the transaction is completed, noted TransCanada president and chief executive officer George Watson. Analysts feel that the deal is more of an acquisition of Nova rather than a merger based on the underlying fundamentals. TransCanada and H&R Real Estate Investment Trust is presently constructing a new building dubbed TransCanada Tower in Calgary, Alberta, which will be the new base of the merged firm.
Comment:
Is in JV with TransCanada Pipelines Ltd on a new building dubbed TransCanada Tower in Calgary, Alberta
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
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TCPL chopping jobs
Article Abstract:
TransCanada PipeLines Ltd. of Calgary, Alberta, is slashing as many as 600 jobs in an effort to make operations more efficient in the aftermath of its C$15.6 billion merger with Nova Corp. The job cuts and other streamlining measures are expected to result in annual operating savings of almost C$100 million and capital efficiencies of C$50 million a year as early as 2000. In the meantime, though, the company will have to take a pre-tax charge of C$390 million against 1998 fourth quarter results to cover for the costs associated with chopping off about 9% of its work force.
Comment:
Is slashing as many as 600 jobs in an effort to make operations more efficient
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
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TCPL-Nova marriage approved
Article Abstract:
TransCanada PipeLines Ltd. and Nova Corp. received shareholder approval of their C$15-billion merger. The merger of the Calgary, Alberta-based energy giants now needs only court approvals to be completed. Under the terms of the agreement, Nova shareholders will receive 52 TransCanada shares for every 100 Nova shares. Nova's chemicals business will also be spun off into a new publicly-traded company, called Nova Chemicals, with an estimated worth of C$3 billion. TransCanada shareholders then will receive 10 shares of Nova Chemicals for every 100 TrasnCanada shares.
Comment:
Receives shareholder approval for its C$15-billion merger with Nova
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
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